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El Salvador mines nearly 474 Bitcoin using volcanic geothermal power

May 15, 2024
in Business
El Salvador mines nearly 474 Bitcoin using volcanic geothermal power
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El Salvador enhances Bitcoin reserves through volcano-powered mining.

El Salvador has mined 473.5 Bitcoin (BTC) over the past three years using the geothermal power of the Tecapa volcano, Reuters reported today.

Based on Bitcoin’s current price, this amount has translated into a $29 million increase in value. The nation’s total Bitcoin holdings now reach 5,750 BTC, equivalent to nearly $354 million, according to data from the Bitcoin Office, a government-owned agency.

El Salvador’s mining initiative places the country at the forefront of eco-friendly crypto mining, a stark contrast to the energy-intensive methods typically scrutinized for their environmental impact.

President Nayib Bukele, a vocal Bitcoin supporter, has been driving El Salvador’s Bitcoin adoption since it became the country’s legal tender in 2021.

In November 2022, Bukele implemented a national Dollar-Cost Averaging (DCA) strategy, aiming to buy one Bitcoin daily. This strategy has resulted in unrealized profits exceeding 43% on their Bitcoin holdings, according to data from Nayib Bukele Portfolio Tracker.

El Salvador Bitcoin Tracker

El Salvador also took another step towards Bitcoin transparency. Yesterday, the Bitcoin Office announced the country’s new platform that allows anyone to view its Bitcoin investment data through a personalized mempool.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

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